Used in the synthesis of flavone derivatives with potential biological activity, particularly in the development of anticancer and anti-inflammatory agents. Its structure supports use in medicinal chemistry for designing kinase inhibitors and other enzyme-targeted drugs. Also employed as an intermediate in the preparation of fluorescent dyes and UV-absorbing compounds for use in coatings and optical materials. Shows promise in research related to photodynamic therapy due to its ability to form stable conjugated systems upon modification.